Down Payment Savings

New Study on Down Payment Savings

 

Hanley Wood’s Data Studio recently assessed Metrostudy and Census data to determine how long it would take each generation to save for a 10% down payment. (Results were based on the median household income and median home price for each age group.)

The study found that Millennials and retirees generally take the most time to save for a down payment. Meanwhile, Americans ages 45 to 54 need the least. Here are the complete results:

• Ages 18 to 24: 8.77 years
• Ages 25 to 34: 7.34 years
• Ages 35 to 44: 5.45 years
• Ages 45 to 54: 3.54 years
• Ages 55 to 64: 3.72 years
• Ages 65 and over: 7.37 years

Setting aside enough money for a down payment is one of the most challenging steps in the home buying process. However, on the Easterbrook Team, we have some very helpful strategies can be utilized to make saving easier. We’ve also got an arsenal of strategies to create down payment funds, from 401K’s to the Bank of Mom and Dad. If you know anyone who could benefit from a savings discussion, count on us to help.

To make your dreams come true, Call The Easterbrook Team for your refinance and purchase needs.

916.850.6050 easterbrookteam@spmc.com 

John Easterbrook NMLS#226555

Patty Aguon NMLS#994635